The Victorian Liberal Nationals Coalition Plan For Racing

UNCLAIMED DIVIDENDSA Liberal Nationals Coalition Government will:Reinvest 100 per cent of the total unclaimed racing dividendsback into the industry, drought proofing racetracks, assuring thefuture of retired racehorses and greyhounds and ensuringVictorian racing leads the pack when it comes to drug testing.Unclaimed dividends are unclaimed winnings from punters. This happens fora number of reasons such as people leaving the track without realising thehorse won or they lost their betting slip or forgot they had a bet on.Unclaimed monies (from the tote) average about $12-14 million per year andrising. In the 2006-07 financial year unclaimed dividends were worth $14.05million to the Labor Government. This money is currently returned toConsolidated Revenue every six months.Totalisator customers have six months to claim their winnings with a winningticket. Bookmakers are required to hold on to their unclaimed dividends andmust pay all winning tickets, however old they are.The Liberal Nationals Coalition recognises the essential need to support andnurture horse and greyhound breeding programs, allowing growth and futurepotential to deliver top national and international starters.DISTRIBUTION OF UNCLAIMED DIVIDENDSA Liberal Nationals Coalition Government will:In consultation with all racing peak bodies guarantee, through theOffice of Racing, unclaimed wagering dividends are returned tothe racing industry over four years as follows:o $1 million to Living Legends.o $1 million to the Greyhound Adoption Program.o $4 million for drug research.o An extra $30 million to improving Victorian racetracks andfacilities.14